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International Internet Magazine. Baltic States news & analytics Saturday, 30.05.2020, 21:36

Estonia: Mobile-only fintech Monese to launch activity in 6 new countries

BC, Tallinn, 13.09.2019.Print version
Monese, a mobile-only current account provider of Estonian origin, is planning to expand to America and Asia as well as Romania, Bulgaria and Turkey in the near future, informed LETA/BNS.

Monese is planning to expand to six new countries, including Romania, Bulgaria, Turkey, United States, Mexico and the Philippines over the course of 12 months, the company said.

The company is currently operating the United Kingdom and 30 other European countries and is hoping to multiply its customer base with the new markets. "We have grown 3-5 times each year, and with the addition of new countries, this growth will be even faster. Monese currently has just over 1.4 mln registered users and has recently seen 130,000 new customers join every month," Norris Koppel, founder and CEO of Monese, said.

"When it comes to expansion, Monese is interested in countries that are in close contact with current Monese countries and enable strengthening the existing network. After expanding to the US, it will be convenient to move on to those Asian countries that have close business and interpersonal relationships with the US, similar to the relationship between the European Union and its immediate neighbors," Lauri Haav, head of international expansion at Monese, said.

According to the company, a definite advantage of expanding to large countries is the large population on the one hand, but also the smaller need for special solutions than in Europe, where each product has to be localized by country. In a large country, the company can fully commit to increasing the customer base after the coordination of a a single package of services.

Monese employs altogether 300 people in its offices in London, Tallinn, Lisbon and Berlin, while most employees work in Tallinn. Monese is active in 31 countries.

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